Buying Renters Insurance: The Smart Move for South Carolina Apartment Dwellers

Many South Carolina homeowners make the mistake of not purchasing flood or exceptional disaster insurance for their houses, thinking their home insurance will cover the damages. The same scenario is seen with many South Carolina apartment dwellers that do not purchase renters’ insurance. They are under the mistaken impression that their South Carolina landlord will replace their belongings in the event of a catastrophic damage. In many cases, South Carolina shelter management companies that operate apartment complexes now require renters’ insurance be held by their tenants. Here’s what renters’ insurance is and why it’s a good idea.

How Renters’ Insurance In South Carolina Works

Renters’ insurance policies are designed to cover the South Carolina renter in the event of covered loss to your personal property. Renters’ insurance also protects you in the event you are responsible for injury or property damage to others in your rented apartment, home or condo. If a catastrophic event, such as fire, water damage, and tornadoes (coverage from floods, hurricanes, or earthquakes must be purchased separately) destroy your rental structure, the landlord is not responsible for replacing your personal belongings. An estimated 75% of renters in the U.S. do not have renters’ insurance coverage.

Renter’s insurance will also protect your personal financial assets in the event that a third party has an accident in your apartment. Renters’ insurance in general provides “named peril” coverage, meaning the policy states specifically what you are insured against. Renters’ insurance can also cover you in the event of vandalism, theft, accidental discharge of water, and more. Most importantly, renters’ insurance can cover the cost of another place to live if your apartment becomes uninhabitable from a named coverage event. A South Carolina renters’ insurance agent can help with the right coverage for you.

Average Cost Of South Carolina Renters’ Insurance

An average renters’ insurance policy cost per year can be around $300 depending on the South Carolina insurance company you purchase it from. There are some insurance policies that will cost the individual as little as 45 cents each day. This will vary from person to person and how much or how little the renters’ insurance policyholder needs to insure. However, it is important to see how little it could cost an individual, as compared to how much money the individual would save in the event of an emergency or problem.

South Carolina Renters’ Insurance Cost Factors

The cost of your South Carolina renters’ insurance depends on several factors. The greater the value of your personal belongings, the greater the price of the renters’ insurance monthly premiums. Another determining factor in the renters’ insurance premium cost is the deductible. This is the amount of money that the individual will need to pay out of pocket before the costs will be covered by the insurance company. For example, some individuals have a deductible of $500, while others have a deductible of $1,000. Where your apartment is located is also factored into the cost.

If you rent in South Carolina, the landlord is only responsible for the condition of the apartment, house, or condo in that it meets local and state codes. All other coverage for personal items and liability is up to you. Contact a South Carolina insurance agent to purchase a good renters’ insurance policy.

Email This Story To A Friend